BNP and Barclays misbehave

Regulators in America have levied heavy fines on the banks for breaching its rules.

Another week, another couple of banks in the spotlight for misbehaving. BNP Paribas will pay a fine of $8.9bn, a banking record, for concealing billions in transactions with Sudan, Iran and Cuba. Meanwhile, a US regulator has accused Barclays of "fraud and deceit".

The charges relate to one of the bank's private trading platforms, or dark pools'. These developed from the need to allow institutions to trade large blocks of shares without unsettling the market.

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Andrew Van Sickle
Editor, MoneyWeek

Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.

His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.

Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.